Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of the provision for income taxes

	Years Ended December 31,
	2021		2020
Current expense:
Federal	$	2,042	$	3,078
State		284		12
Total current expense		2,326		3,090
Deferred expense (benefit):
Federal		1,107		(1,531)
State		1,306		(558)
Change in valuation allowance		(1,306)		558
Total deferred expense (benefit)		1,107		(1,531)
Total provision for income taxes	$	3,433	$	1,559

Schedule of differences between the provision for income taxes and statutory federal income tax rate

	Years ended December 31,
	2021				2020
Provision at statutory rate	$	3,148	21.00	%	$	1,570	21.00	%
Tax exempt income		(125)	(0.83)	%		(79)	(1.06)	%
State income taxes, net of federal income tax benefit		192	1.28	%		12	0.16	%
Other, net		218	1.45	%		56	0.75	%
Effective income tax and rate	$	3,433	22.90	%	$	1,559	20.85	%

Schedule of tax effects of temporary differences of the deferred tax assets and deferred tax liabilities

	December 31,
	2021		2020
Deferred tax assets:
Allowance for loan losses	$	2,041	$	3,141
Deferred expenses		39		47
Deferred compensation		1,538		1,271
Unrecognized pension liability		1,037		1,272
Postretirement liability		920		954
Deferred loss on OREO		—		83
Deferred loan fees		—		158
Unrealized loss on securities		727		—
State tax NOLs		—		990
Other		431		324
Gross deferred tax assets		6,733		8,240
Deferred tax liabilities:
Prepaid expenses		(262)		(217)
Prepaid pension		(1,275)		(1,276)
Deferred loan fees		(154)		—
Depreciation and amortization		(525)		(375)
Unrealized gain on securities		—		(264)
Mortgage servicing rights		(711)		(645)
Gross deferred tax liabilities		(2,927)		(2,777)
Net deferred tax asset		3,806		5,463
Deferred tax valuation allowance		(454)		(1,760)
Deferred tax assets, net of allowance	$	3,352	$	3,703